The Bank of United States Fails
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Government and Politics, Economics
- Subcategories: Business, Banks, Banking, Finance, Depressions, Recessions
- Curriculum: American History 1901-1950
- Geographical Location: New York City
- Date: December 11, 1930
Article abstract: The failure of the Bank of United States aggravated the country’s slide into the Great Depression and strengthened pressures to reform banking and the securities business.
Summary of Event
The Bank of United States was closed by order of the New York State banking authorities in December, 1930, at a time when the country was already sliding into severe depression. In terms of the dollar volume of deposits, it was the largest bank to fail in the United States up to that date. It was the twenty-eighth largest bank in the country in...
[The entire page is 2151 words long]
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